How to Negotiate a Cash Payoff of Credit Card Debt
- 1). Make a list of your credit cards and how much you owe on each. Go through each of your statements and write down the total outstanding balance, the interest rate and the monthly payment.
- 2). List your debts in order of interest rate. You will get the biggest advantage by negotiating a payoff on your high-interest credit cards.
- 3). Contact the credit card issuer with the highest interest rate and ask to speak to a supervisor. The frontline customer service representatives typically do not have the authority to offer customers a payment plan or payoff option.
- 4). Ask the supervisor for a written commitment to the payoff plan you negotiate. Make a copy of the payoff document when you receive it. Write a check for the agreed-upon amount and submit it to the address listed on the form.
